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Using Escrow Services? Handlings Assets, Paperwork in a Quick JV

by iSoftware
1 replies
Let's assume you do a little online working with someone and you decide you want to pursue a rapid product creation project.

This requires

-developing a project
-buying a domain
-building a mailing list
-processing payment

How do you manage such things on a transactional basis? One idea I had was to hold the assets created by both parties in escrow until the project is completed and both parties get some feedback on the status of the working relationship.

Outside alot of paper work, having only one person assume the authority (and burden) over things like payment, list ownership, etc, how do you manage this?

I can imagine this thing happens all the time - when two people meet online (say on the WF) and decide to quickly work together on a project for cooperation vs. competition!


I'm open to ideas and suggestions (even product offerings!).

Tx
#assets #escrow #handlings #joint ventures #legal documents #paperwork #quick #services
  • Profile picture of the author Trusted Friend
    How are you going to own the assets ?

    If you chose a limited company / limited liability corporation, then they can be set up quickly, efficiently and cheaply in most Western countries.

    Making yourselves both equal shareholders and directors, with an allowance for how to resolve deadlock situations, may be the way to go.
    But make sure the deadlock resolution procedure is resilient, or if you come to an argument then you may both end up blocking each other, with no-one able to get their hands on the assets.
    Specific rules vary from country to country (or State to State in the US).

    For monetary escrow amounts, rather than asset escrow, try a low-cost government registered solution such as Transpact.com.
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